AAP

Gold prices extended losses to a five-week low on Wednesday as the dollar gathered strength on the prospect of a U.S. interest rate hike.

Oil prices plunged 5 per cent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs.

The share market has closed relatively steady after stronger-than-expected Chinese drove a recovery from early losses.

Attorney-General George Brandis won't be releasing legal advice drafted in relation to the Bell Group litigation.

BHP Billiton has reaffirmed its optimistic view on oil markets as it seeks to invest further in the sector amid a steady recovery in prices.

Treasury costings of the Liberal Party’s campaign promises have shown the estimates to be reasonable, with the Liberal's plan showing the state getting back to a small surplus in 2019-20.

Westpac chief executive Brian Hartzer says his bank is putting customers first by backing open data and denies it did the opposite by suggesting they join its poorly performing superannuation fund.

Infrastructure and mining services group Downer has agreed to buy New Zealand builder Hawkins for an undisclosed sum, as it expands operations in the Pacific nation.

Australian shares are lower in early trading for a second straight day, hurt by resource, energy and utility companies.

The Australian dollar is down sharply against its US counterpart as expectations of a lift in US interest rates supports the greenback.

Oil prices are little changed, as growing US production expectations offset earlier gains after Saudi Arabia's oil minister said market fundamentals were improving.

Gold has hit its lowest level in more than four weeks as the US dollar strengthens and expectations for a US interest rate rise this month weigh, though moves were muted ahead of US payroll data this week.

Western Australia's environment minister says there is no justification to stop work on the Roe 8 project, despite a Senate inquiry saying the Commonwealth should suspend approval for it.

The Barnett government has seized on comments by Australia's competition chief Rod Sims that plans to privatise Western Australia's poles and wires utility, Western Power, would lead to lower prices, while Labor leader Mark McGowan has claimed a re-elected Liberal government would also sell Water Corporation. 

The Australian share market has closed higher as US President Donald Trump's move to repeal Obamacare appeared to help clear the way for him to start tackling tax reform, which markets have been waiting for.

The Takeovers Panel has declined to look into construction giant CIMIC Group's claim that takeover target Macmahon Holdings' target statement was misleading and deceptive.

The Reserve Bank of Australia remains upbeat about the nation's economy, signalling it doesn't intend to move interest rates this year.

Falling commodity prices and caution ahead of the Reserve Bank's interest rate statement are weighing on Australian shares.

Oil prices have whipsawed, turning negative after the International Energy Agency forecast potential shale oil growth and waning European refined product demand, before Brent did an about turn into positive territory.

The Australian dollar is hardly changed against its US counterpart which has risen on improved chances of an anti-EU candidate winning the French presidential election.

Gold has fallen for the third straight session, but has hovered above Friday's two-week low, pressured by comments from Federal Reserve chair Janet Yellen that reinforced expectations of an increase to US interest rates this month.

US stocks pulled back on Monday in a broad decline as investors grew uneasy over the latest tumult surrounding the Trump administration and geopolitical tensions emanating from North Korea.

The Australian share market has closed lower with the major miners, energy players and banks leading losses after Wall Street fell and the Australian dollar lost ground.

Demanding WA Labor submit election promises to Treasury for scrutiny has proved a potent line of attack for the Liberals this week, as the government tried to change the topic from its preference deal with Pauline Hanson's One Nation.

Western Australia's deputy premier says the government is finding it hard to cut through to the public because it is being heavily outspent by the opposition and unions on political advertising.

WA Labor has demanded the Liberals guarantee a privatisation of Western Power won't lead to electricity price rises and release legislation on the deal, while the Liberals say prices will not be impacted because they are independently regulated.

US interest rate policy, the ongoing fallout from Brexit, rising international protectionism and the performance of China are all risks facing the Australian economy.

Australia's service sector activity was nearly flat last month implying jobs growth will remain weak for the near term.

Mining giant Rio Tinto will hold back all outstanding performance-related pay of previous chief executive Sam Walsh for at least two years, until investigations into a payments scandal in West Africa are more advanced.

The latest poll ahead of the Western Australian election shows Labor could receive a hefty nine per cent swing, but that might not be enough to form government.

The Australian share market continues to come under pressure, dragged down by resource, energy and financial stocks following losses on Wall Street.

The Australian market looks set to open lower following Wall Street, which retraced from record highs amid renewed expectations of a US interest rate rise.